Magic Software Enterprises Ltd. (MGIC) Trading Up 4.2%
Magic Software Enterprises Ltd. (NASDAQ:MGIC) shares were up 4.2% during mid-day trading on Tuesday . The company traded as high as $7.49 and last traded at $7.46, with a volume of 51,926 shares trading hands. The stock had previously closed at $7.16.
Separately, Zacks Investment Research lowered Magic Software Enterprises from a “hold” rating to a “sell” rating in a report on Thursday, May 12th.
The firm has a 50-day moving average price of $6.83 and a 200 day moving average price of $6.55. The firm has a market cap of $325.25 million and a PE ratio of 21.68.
Magic Software Enterprises (NASDAQ:MGIC) last issued its quarterly earnings results on Monday, May 9th. The company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.14 by $0.03. The company earned $44.70 million during the quarter, compared to analysts’ expectations of $43.97 million. During the same period in the prior year, the company earned $0.12 earnings per share. The business’s revenue was up 10.9% compared to the same quarter last year. On average, equities research analysts expect that Magic Software Enterprises Ltd. will post $0.59 EPS for the current fiscal year.
Magic Software Enterprises Ltd. is a provider of application development, business process integration, and selected vertical software solutions and related professional services. The Company is also a vendor of information technology (IT) outsourcing services. The Company operates through two business segments: software services and IT professional services.
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